SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) MARCH 31, 1998
INDUSTRIAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
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TEXAS 1-9580 76-0289495
(State of other jurisdiction of (Commission File Number) (IRS Employer Identification No.)
incorporation)
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7135 ARDMORE HOUSTON, TEXAS 77054
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (713) 747-1025
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(Former name or former address, if changed since last report.)
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ITEM 5. OTHER EVENTS
On March 31, 1998, Industrial Holdings, Inc. (the "Company") acquired all
of the outstanding Common Stock, no par value of GHX, Incorporated ("GHX"), upon
merger of a wholly owned subsidiary of the Company with and into GHX, with GHX
being the surviving corporation (the "Merger"). As a result, GHX became a wholly
owned subsidiary of the Company. GHX, located in Houston, Texas, fabricates and
distributes industrial gaskets and molded rubber products and distributes
industrial packing, hose, fittings and high temperature textiles to customers in
the petrochemical industries.
The attached press release may contain forward-looking statements related
to competitive advantage and prospects for expansion that involve risks and
uncertainties. These risks and uncertainties may cause actual results to differ
materially from expected results.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Exhibits
Exhibit No.
99 Press release dated April 1, 1998, related to the announcement
of the completion of the acquisition of GHX, Incorporated of
Houston, Texas.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed in its behalf by the
undersigned hereunto duly authorized.
INDUSTRIAL HOLDINGS, INC.
By: /s/ CHRISTINE A. SMITH
VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER
Date: April 15, 1998
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EXHIBIT INDEX
Exhibit No.
99 Press Release
The following exhibit is filed herewith:
99 Press release dated April 1, 1998, related to the
announcement of the completion of the acquisition of
GHX, Incorporated of Houston, Texas.
EXHIBIT 99
FOR IMMEDIATE RELEASE FOR INFORMATION CONTACT
ALL NAMES VERIFIED ROBERT E. CONE, CEO
(713) 747-1025
INDUSTRIAL HOLDINGS, INC.
ACQUIRES GHX, INC.
HOUSTON, TEXAS, (APRIL 1, 1998) Robert E. Cone, President of Industrial
Holdings, Inc. ("IHI") (Nasdaq/NMS-IHII) announces the acquisition of GHX, Inc.
GHX, located in Houston, Texas fabricates and distributes industrial gaskets and
molded rubber products, and distributes industrial packing, hose, fittings, and
high temperature textiles primarily to customers in the chemical and
petrochemical industries. Mr. Cone stated, "GHX is our third acquisition in
1998. It is a strategic addition. Combined with our studs and bolt manufacturer,
we believe that the addition of GHX will provide us with a competitive advantage
in bidding jobs." With the acquisition of GHX, IHI's 1997 pro forma revenues
were approximately $118 million.
IHI operates through its two divisions, Energy Products and Services and
Fastener Sales and Manufacturing. IHI continues to explore the market for
potential acquisitions in light manufacturing industries compatible with its
divisions. IHI is a holding company organized to acquire, operate and grow
internally, achieving greater economies of scale and improved operating results
through consolidation.
Contact: Robert E. Cone, President and CEO
(713) 747-1025
